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(TCO1) Financial statements are: ______________
standard documents issued by outside consultants who are hired to analyze key operations of the
business in financial terms.
standard documents that tell us how well a business is performing and where it stands in financial
reports created by management that states it is responsible for the acts of the corporation.
reports issued by outside consultants who are hired to analyze key operations of the business.
(TCO2) A company purchased inventory on account. This transaction increased assets and:
(TCO1) Which principle states that assets acquired by the business should be recorded at their actual
stable dollar principle.
(TCO2) A company performed services for a customer on account. This
decreased assets and decreased equity.
increased assets and increased liabilities.
increased revenue and decreased expenses.
increased assets and increased revenues.
(TCO2) Which type of account is increased when a company records a debt?
none of the above are correct.
(TCO2) The results of operations are reported on the ________.
statement of operation.
statement of financial position.
statement of stockholders’ equity.
(TCO3) A company started the year with $400 of supplies. During the year the company purchased
additional supplies costing $1,600. There were $800 of supplies on hand at the end of the year. An
adjusted trial balance prepared at the end of the accounting period will show the which of the following
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